It was a priority even a couple of years ago, but recent shifts in customer purchase behaviors have dramatically accelerated the progress.
The growth and performance many companies experienced during the last year benefited from strong tailwinds in customer behavior. And this rapid acceleration of digital commerce growth has created new expectations and challenges, to sustain the performance and delivery of incremental results.
Despite changing customer preferences toward a hybrid mix of digital self-serve and in-person experiences, it’s realistic to expect that customer habits will continue to evolve when customers shift back and forth between digital and physical and we will need to meet them where they are. To close the gap between high expectations and future performance, CMOs will need to:
💠 define robust commercial scenarios for omnichannel presence that has become a hybrid.
💠 invest in additional innovation capabilities to overcome budget restraints.
💠 ensure available investments deliver ROI and contribute directly to business performance.
The balance between short - long-term investments will depend on the actual organizations' maturity. In less-mature organizations, those may depend on using short-term tactics for proof-of-concept testing to drive performance and secure additional investments. While in more advanced settings, there will be a need to balance the short- and long-term investments while setting expectations with other stakeholders about why these investments are necessary for future growth.
To close the gap CMOs will need to collaborate with other senior leaders and define a roadmap to maturity, address the talent challenges, and evolve digital commerce capabilities; expand their investments with a particular focus on digital-first value creation and customer experience.
Sharing an insightful CMO Council conversation about where to pay attention when blending digital with physical experiences